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Indian stock markets continued to trade in positive terrain in the afternoon session due to buying in IT, Bankex and TECK stocks. Buying in frontline stocks such as Indusind Bank, Infosys and HDFC were aiding sentiment, while selling in ITC, NTPC and ONGC kept the gains in check. Sentiments were upbeat with Union Minister of State for Finance Anurag Thakur’s statement that the Union budget 2021-22 shows hope to build a new India and will lead the nation on the path of becoming an economic and manufacturing powerhouse. On the global front, most of other major Asian markets closed for the Lunar New Year holiday. While Nikkei slipped after the state of Victoria, where Melbourne is located, imposed a coronavirus lockdown for at least five days, starting Saturday. The new restrictions were announced after an outbreak of COVID-19 at a quarantine hotel.

Back home, in scrip specific developments, ITC tumbled on reporting 11% fall in Q3 consolidated net profit, while Innovators Facade Systems surged on bagging work order of Rs 26 crore. Overall market breadth on BSE was in the favour of advances which thumped declines in the ratio of 1528:1263; while 170 shares remained unchanged.

The BSE Sensex is currently trading at 51662.65, up by 131.13 points or 0.25% after trading in a range of 51492.95 and 51804.58. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.22%, while Small cap index was up by 0.49%.

The top gaining sectoral indices on the BSE were IT up by 0.87%, Bankex up by 0.86%, TECK up by 0.63%, Realty up by 0.60% and Industrials was up by 0.57%, while FMCG down by 1.04%, Oil & Gas down by 0.98%, Telecom down by 0.89%, Metal down by 0.77% and Utilities was down by 0.72% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 3.00%, Infosys up by 1.46%, HDFC up by 1.34%, Tech Mahindra up by 1.18% and Axis Bank was up by 1.16%. On the flip side, ITC down by 3.58%, NTPC down by 2.31%, ONGC down by 1.96%, Sun Pharma down by 1.52% and Power Grid was down by 1.22% were the top losers.

Meanwhile, leading trade bodies are expecting that the outbound shipments will rise in the coming months as the uncertainty in global markets began to subside. The country's exports rose by 5.37 percent year-on-year to $27.24 billion in January 2021, mainly driven by healthy growth in pharmaceuticals and engineering sectors.

CII National Committee on EXIM chairman Sanjay Budhia said the growth was due to the measures taken by the central government. He noted that India’s engineering exports have increased by 18.69 percent to $7,174.43 million in January 2021. He also said the uncertainty in global markets started subsiding as several countries move out from the lockdowns and the vaccination programmes gain pace. According to him, a recovery in overseas market has led to increased demand for goods. He added that Indian exports that have done well in January include agri-products, electronic and engineering goods, pharmaceutical items, ores and minerals.

Another trade body EEPC India has also expressed satisfaction over the increased shipments of engineering products in January with exporters exuding confidence about the rise in external demand. Besides, Engineering Export Promotion Council of India chairman Mahesh Desai said most of the members of the trade body are from the MSME sector, and a study suggested there has been a robust rise in demand in markets of the US, Europe and several key Asian economies.

The CNX Nifty is currently trading at 15213.00, up by 39.70 points or 0.26% after trading in a range of 15157.75 and 15243.50. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 3.53%, Indusind Bank up by 2.94%, Infosys up by 1.40%, Tata Motors up by 1.38% and Wipro was up by 1.37%. On the flip side, ITC down by 3.49%, Coal India down by 2.55%, NTPC down by 2.36%, ONGC down by 1.91% and Sun Pharma was down by 1.70% were the top losers.

Asian markets were trading in red; Nikkei 225 was down by 42.86 points or 0.14% to 29,520.07.